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3 years ago

What is the compound interest of $1000 at 12%compounded monthlyfor 2 years

Mathematics

2 answers:

galina1969 [7]3 years ago

8 0

Answer:

1254.4

Step-by-step explanation:

nevsk [136]3 years ago

8 0

Answer:

The amount is $1269.74 and the interest is $269.74.

Step-by-step explanation:

STEP 1: To find amount we use formula:

AAAA=1000(1+0.1212)12⋅2=1000⋅1.0124=1000⋅1.269735=1269.74

STEP 2: To find interest we use formula A=P+I, since A=1269.74 and P = 1000 we have:

A1269.74II=P+I=1000+I=1269.74−1000=269.74

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What is the compound interest of $1000 at 12%compounded monthlyfor 2 years​

What is the compound interest of $1000 at 12%compounded monthlyfor 2 years